Perfect World To Transfer $262 Million Worth Of Cinema Businesses
Perfect World has announced on Jan. 28 its plans to transfer cinema-related assets to Perfect World Holding Group Co., Ltd, at 1.66 billion yuan ($262 million). Perfect World determined the transaction price based on the higher of the appraised value to fully protect the interests of shareholders. Researchers believe that the rising number of cinema screens has exceeded the actual demand, while online video platforms see continued growth in the number of users. Focusing on content-based products will likely make Perfect World more competitive. Read more on entgroup.cn
Fantasy Films Are No Longer A Box Office Guarantee
Shortly winning the box office right after opening, Hollywood sci-fi Maze Runner: The Death Cure soon lost it to Aamir Khan’s Secret Superstar. Meanwhile, Forever Young, a Chinese drama film about four generations, remains an audience favorite. The box office has reached 4.3 billion yuan ($680 million) in January, with two other top-earning films being Wonder and The Ex-File 3: The Return of the Exes. The trend seems to suggest that moviegoers favor films that are more realistic, hit closer to home, instead of fantasy-themed ones. The latest installment of the Star Wars franchise seems to indicate the same, earning only 266 million yuan ($42 million) in China. Hollywood blockbusters, sci-fi, and IP films are no longer a box office guarantee, and moviegoers nowadays are better able to make decisions on what to watch. Read more on cjn.cn
No Concrete Development in Enlight Media’s Theme-Park Projects
Enlight Media has signed a contract in 2016 to begin a billion-dollar movie theme park project in Dalian; according to the contract, the first phase of the park was scheduled to open in 2019, but little progress has been made since contract-signing. This is not the only theme-park project Enlight Media has been planning; the company has also been in talks with a few other cities and their local government on opening large-scale movie theme parks since 2014. However, none of the projects have seen any concrete development so far. Investing in theme parks is an effort to expand Enlight Media’s reality entertainment businesses, and thus build a more diversified portfolio to minimize risks of investing in films and relying solely on box office earnings. Read more on Sina
“Maze Runner: The Death Cure” Opens To $22.9 million In China
Maze Runner: The Death Cure finished the first weekend in China with $145 million yuan ($22.9 million), shortly beating Indian drama film Secret Superstar, and almost earning as much as its North America box office of $23.5 million. Secret Superstar soon caught up, topping the box office with 234 million yuan ($36.9 million) the same week, with a cumulative 10-day box office 418 million yuan ($65.7 million). Chinese drama film Forever Young continued with its strong performance, bringing in 608 million yuan ($95.9 million) cumulatively. New releases in China this week include The Greatest Showman, Till The End Of The World, and Attraction. Read more on Mtime
